15th Jul 2019 12:24
(Alliance News) - Independent Investment Trust PLC on Monday upped its interim payout after reporting a mid-single-digit increase in its net asset value per share.
The company said its NAV per share on May 31 was 572.3 pence, up 6.5% compared to 537.4p reported at the end of November.
The trust's share price at the end of May stood at 556.0p, representing 2.8% discount to NAV. The share price total return for the period was 6.2%.
The stock was trading 2.1% lower on Monday midday at 497.59p a share.
Independent Investment Trust produced NAV total return of 8.1% in the six months to the end of May. In comparison, the the FTSE All-Share Index and the FTSE World Index returned 4.9% and 2.8%, respectively.
The trust's technology holdings fell in value to GBP70.2 million as at May 31 from GBP72.7 million at the end of November 2018.
More positively, Independent Investment Trust said its housebuilding holdings staged a moderate recovery from the depressed levels they had reached at the end of our last financial year. The portfolio was valued at GBP45.5 million at the end of May, up from GBP41.3 million on November 30 last year.
The company's holdings in the travel & leisure sector fared well during the period, it said, rising in value to GBP55 million as at May-end from GBP50.3 million at the end of November 2018.
"This has been a quiet period for us, with low turnover and only one new purchase, the cafe-bar chain Loungers PLC," said Chair Douglas McDougall.
During the first half, the company said it bought back 50,000 shares at a discount of 5.1%. Independent Investment Trust declared an interim dividend of 3.00p a share, up from 2.00p paid for the half-year to November 30, 2018. Independent Investment Trust said it expects to pay a final payout of at least 5p.
Related Shares:
IIT.LLoungers Plc